29 July 2016

KWM partners inject £14m into the firm

Partners have come out in favour of King & Wood Mallesons' latest capital call.

By Kathryn Higgins

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KWM is moving ahead with its planned recapitalisation with the overwhelming support of partners in Europe and the Middle East; a statement from the firm reported that 98 per cent of legacy SJ Berwin partners have voted in favour of the move. Additionally, KWM reported that partners have already committed £14m of fresh capital to the firm. Equity partners on the 20-60 remuneration point ladder were asked to contribute £4,000 per point to the firm, while salaried partners were asked to pay in around £60,000 each. A spokesperson for KWM has described the recapitalisation as the ‘third stage’ in the firm's strategy to revitalize its EUME arm, following its move to reorganise its 17 practice areas into three core groups and restructure its regional partnership. The restructure saw 23 partners and 45 support staff depart the firm.

Sources: Legal Week; The Lawyer

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